§ 27-7. Availability and use of funds.

Consistent with the provisions of the New Jersey Urban Enterprise Zones Act, all four municipalities shall have access to funds collected and deposited in the Zone Assistance Fund (N.J.S.A. 52:27H-62i; N.J.S.A. 52:27H-88). Funds which are generated within the City of North Wildwood shall be available to North Wildwood. Funds generated within the City of Wildwood shall be available to Wildwood, funds generated within the Borough of Wildwood Crest shall be available to Wildwood Crest, and funds generated within the Borough of West Wildwood shall be available to West Wildwood; provided, however, that such funds shall first be used for the payment of expenses approved by the Board of Directors of the Corporation before any such funds are paid to any municipality and provided further that such funds shall be available to pay for extraordinary projects having a regional impact when a project is supported by resolutions of endorsement from all four municipalities and receives an affirmative vote of 2/3 of the Board of Directors of the Corporation.